Project Pinocchio——Phase 3 List
05/29/2020, 15:11:50
KuCoin Global partners with authoritative institutions and media in the industry is going to launch "Project Pinocchio", also known as “Pinocchio Integrity Plan”, aiming to establish a credible project review platform to promote self-discipline and integrity in the industry.
This program will establish an integrity index as a reference standard for the industry using multi-dimensional measurements, including moral hazard assessment, data analysis, public opinion monitoring, transaction history, project development, etc. The ultimate goal is to develop a non-profit credit review DAPP that can maintain integrity through technology, based on robust blockchain technology and strict regulatory compliance.
| Phase 3 List of Suspicious Projects on May 29th 2020 (Regardless of Ranking): |
| 1. Australia - Plus Gold Union Coin: thousands of victims, $28 millions involved The project claims to be PoW / PoS mechanism, promising to obtain high returns through mining and staking. The main target of the project is the Indian group living in Australia. It operates in 22 countries around the world, and the fraud amount is up to 2 billion INRs. |
| 2. Kenya - NuruCoin: more than 11,000 victims, $27 millions involved Isaac Muthui, through its Church Blaze Group, as a pastor, issued tokens to its members to raise funds and promised high investment returns. The project claims that it will integrate AirBnB, eBay, Facebook and Jumia and other network platform resources through blockchain technology and use tokens as ecosystem transaction tokens. |
| 3. United States - NativeCoin: more than 1,200 victims, $1.4 millions involved NativeCoin (N8V) aims to facilitate the transaction needs of businesses, retail stores and online platforms, resorts and casinos of the gambling industry. The project operates in the name of the Indian minority, publishes non-existent partnership information, prohibits the community from free discussion, and failed to implement the promised PoS mechanism. |
| 4. China - Cloud Token: more than 300 victims, $4.3 millions involved The official Weibo of the Public Security Bureau of Taiyuan City, Shanxi Province, announced on December 23, 2019 that the Taiyuan Public Security Yingze Branch successfully cracked a cryptocurrency scam called Cloud Token, and arrested 72 suspects. The "CloudCoin" mentioned in the case is not the CloudCoin Group invested by Li Xiaolai, but the "small workshop-style team" in Taiyuan, Shanxi. |
| 5. Canada - PlexCoin：thousands of victims，$8.6 millions involved The United States Securities and Exchange Commission (SEC) launched its emergency action against PlexCorps over an unregistered offer and sale of securities called “PlexCoin” in a purported “Initial Coin Offering”. The SEC alleges that the defendants manipulated the amount of PlexCoin sold during the ICO, permitting them to sell PlexCoin to certain investors at inflated prices and to give the impression that the PlexCoin ICO was more successful than it actually was. |
Members of Project Pinocchio (continuously updated, regardless of ranking):
KuCoin Global, Cointelegraph CN, Jinse.com, ChainDD, DeepChain, ChainNews, BTCmanager, Cryptodiffer, DASH, Decenter, Digital Renaissance Foundation, J.M Consultancy Services, Newsbtc, PANews, Republic.co, TokenInsight, Blockbeats, Qianba.com, ODaily.com, Huoxing24, CCValue.com, Fenchao666.com, AMBCrypt, BEINews
Since the launch of "Project Pinocchio", KuCoin Global has successively received multiple joining and reporting emails. Thanks to all participants in the industry for their support on this program. KuCoin will adhere to a fair, impartial and authoritative review mechanism to review all email content.
Click here to join the program: http://projectpinocchio.jp.mikecrm.com/3ruZhMb
Click here to report bad projects: http://projectpinocchio.jp.mikecrm.com/RxUoOCt
To contact us, please send an email to pinocchio@kucoin.com